Forward Analysis Bookkeeping Limited
Bookkeeping Services in Clacton, Colchester, Chelmsford, Ipswich and surrounding areas

Income Tax

Completing your own self-assessment tax return is no easy task, especially if you’re not certain what deductions are allowed, what expenses are legitimate, etc.

We want to take the monkey off your back and put it on ours. The tax return service we offer means we calculate your taxable income, and let you know whether you have any tax to pay or if you’re entitled to a tax refund. We can also submit everything to HMRC for you.

All that is covered under our monthly service, or one of our annual packages.  Just give us a call on 020 3239 4979 or contact us and we’ll talk it over with you.

What IS a ‘self-assessment tax return’?

If you are self-employed, or a director of a company, or even if you’re employed by a company but you receive any other non-taxed income, you need to file a self-assessment tax return so that HMRC can collect the right amount of Income Tax due.

If you do need to file a self-assessment tax return, you should be notified in April by HMRC.

If you are self-employed, you have to provide records including the details of all your sales and other earnings, also your purchases and other business expenses.

…and then the “fun” starts…

If you’re part of the FAB family, we’ll calculate your taxable income and tell you how much tax to pay or, hopefully (!), whether to claim a refund. We will create your tax return using software compatible with HMRC’s Making Tax Digital (more on that below) and we, as your agent, submit it for you.

Taking the stress away

SATR often fills people with dread and needs careful attention – the rules change every year: legitimate expenses that can be deducted; NIC rates; personal tax allowances; the list goes on and if you’re not in the know you could be caught out. But, with our services, you send us the appropriate documents proving your income and expenditure and then we take it from there.

  1. We process your bookkeeping and check everything is in order
  2. We calculate your personal tax due
  3. We complete your SA100 self-assessment tax return
  4. Finally, we can file it and submit it to HMRC for you (or, of course, you can file it yourself…)

Our self-assessment tax service will save you precious time and money, so you can focus on running your business.

Making Tax Digital (What we can do for you)

The government scheme Making Tax Digital (MTD) is now operating at HMRC for businesses and will also apply to individuals (landlords, sole traders, etc.) from April 2024 and, at Forward Analysis Bookkeeping, we are making sure our clients are prepared. Making Tax Digital means that  businesses have to submit their tax return data to HMRC directly from their accounting software which must be compliant with HMRC’s requirements. Making Tax Digital is live now, but not mandatory until 2021, at which time it’s vital that your business is compliant with the regulations. 

If you’re already signed up with Forward Analysis Bookkeeping, then you have nothing to worry about, from an MTD perspective, at least! All software that we use is MTD-compliant. However, if you are unsure about Making Tax Digital and how to get your business compliant, or if you’d like to see how our services can help you contact Forward Analysis Bookkeeping for more information.

Got a question? Here are some FAQs which may help.

What are the deadlines?

October 31st for paper tax returns and January 31st for online tax returns.

Is there a penalty for late returns?

Any late submissions will be fined a minimum of £100 by HMRC. And, if you forget to pay by the due date (which, if you miss the return deadline, is likely), there are additional penalties and potential interest charges that could be exacted by the HMRC. Nasty.

We CARE about helping you out.

Our goal is to take as much of the stress of dealing with your end of year accounts away.

Once you’re part of the FAB family, you can focus on what you’re really good at, like successfully running and growing your business. 

Just contact Forward Analysis Bookkeeping for more information.

Practice No 22458